The trial of Giorgi Bachiashvili, the former head of the Co-Investment Fund and an associate of "Georgian Dream" founder Bidzina Ivanishvili, is underway at Tbilisi City Court. Bachiashvili is accused in a case related to the misappropriation of cryptocurrency belonging to Ivanishvili.

At today's hearing, the defense's evidence is being examined, specifically written evidence. Additionally, the court will review an audio recording presented by the defense, which, according to Bachiashvili, captures a conversation between him and Bidzina Ivanishvili.

"We are presenting our evidence, which will prove that this was a loan based on real documents, not just verbal statements like the prosecution claims. Among other things, we will review the recording, which fully confirms that I went to Bidzina Ivanishvili to obtain a loan, where he tells me to go to the bank. This recording, like all other evidence, would be sufficient in any legal case to determine a verdict. In any lawful state, this case would not have even started. This case is a clear example that today's judicial system is entirely serving Bidzina Ivanishvili, regardless of the evidence presented by the opposing side.

In the recording, Ivanishvili is heard telling me to talk to the bank's director, Nato Khaindrava, who would issue the loan in exchange for additional bank profits. I met with Khaindrava the same day, and the bank approved the loan on the same day. This rules out any alternative interpretation of the conversation that the other side is trying to suggest—that there were three further communications between me and Ivanishvili, including between Ivanishvili and Khaindrava, which allegedly resulted in Ivanishvili deciding to invest in the project. This is false.

The loan was approved on the same day, and I had no contact with Ivanishvili before the loan was issued. This is also confirmed by phone records," Bachiashvili stated.

For context, the charges against Giorgi Bachiashvili relate to actions committed in 2017. According to the prosecution, Bachiashvili transferred only $536,900 to the investor from the full profits generated by the investment, while unlawfully misappropriating 8,986 bitcoins belonging to the investor. At the time of misappropriation, the value of these bitcoins was estimated at around $43 million.

Bachiashvili does not consider himself guilty of the charges.

As a preventive measure, he has been granted bail in the amount of 2,500,000 GEL and is also subject to additional restrictive measures.

The alleged crime carries a potential sentence of 9 to 12 years of imprisonment.